Bracket: Introducing Passage, a New Product on Testnet

2023-10-25 00:10:55

Step 1: Join the Arbitrum Goerli Testnet

If you are interested in the following features, you must check out Bracket's latest project called Passage. This article will provide a detailed overview of Passage and its current trading competition on the testnet.

Passage is hosted on the Arbitrum Goerli testnet, and you can join the network and claim test tokens by following these steps:

1. Join the Discord channel at https://discord.com/invite/ygUhFmjZw3

2. Once you have joined, navigate to the "Faucets" channel as shown below:

Step 2: Explore Passage and Prepare to Trade

After joining the testnet, you can now access the Passage platform by visiting https://test.bracketx.fi/buyer. Connect your wallet, and the page will default to the "BUY" section.

In the "BUY" section, you can choose the underlying asset for your trading position. Currently, BTC and ETH are supported as trading assets, as shown below:

For example, let's explore the BTC Passage product:

On the left side of the page, you will find detailed information about the Passage product, including:

- 2 DAY: Passage has a validity period of 2 days

- Payoff Range: This is the price range of the product. By clicking the gear icon on the right, you can manually set the desired price range for your order (in percentage terms).

- Choose Your Side: Select the trading direction you desire

There are two options:

a) Stay In: Choose this option if you believe that the price will remain within the specified range. When a Stay In order is executed, your initial value will start from 0 and accumulate over time. If the price remains within the range for 24 hours, your accumulated value will reach 100% of the initial value. If the price stays within the range until the 2-day expiry, the accumulated value will reach 200% of the initial value. However, if the market fluctuates significantly and the price exceeds your specified range within 24 hours, you will face losses.

b) Breakout: Choose this option if you believe that the price will break out of the specified range. When a Breakout order is executed, your initial value will start at 200% of the initial investment and gradually decrease until the price either rises or falls beyond the specified range. If the price does not exceed the range, the value will decrease to 100% of the initial investment after 24 hours and return to zero after 2 days. Similar to the Stay In example, let's say you buy a Breakout option with an initial investment of 100 USD. If the price breaks the range earlier, the profit will be higher. If the price does not break the range after 24 hours, you will face losses.

- Enter Investment: Input the amount you want to trade

Step 3: Confirm and Place Your Order

After reviewing the information above, click on the "Buy" button to proceed.

Step 4: Confirm the Transaction on Your Wallet

Once you click "Buy," the platform will prompt you to confirm the transaction on your wallet.

Step 5: Success! Your Purchase is Complete

After confirming the transaction, the platform will display a notification confirming your successful purchase.

If you want to view your purchased Passage products, click on "My Trade" at the top of the page to see your product list.

When you initially place an order, it will be in the "UNFILLED" state, indicating that it has not been executed yet. You can cancel the order by clicking the "CANCEL" button.

If the order status changes to "FULLY FILLED," it means that the order has been completely executed. By clicking the small arrow icon on the right, you can access detailed information about the order, including the price range, specific price levels, duration of the order (in seconds), start time, estimated value, and a green "SELL" button. The "SELL" option is related to Vault, another feature of Passage designed to provide liquidity, similar to GMX. The estimated value of a filled order will fluctuate in real-time based on the underlying asset's price, trading direction, and duration. The "SELL" option allows you to stop the order and realize profits or minimize losses. The actual estimated value is influenced by multiple factors and will change dynamically. The "SELL" option is facilitated by Vault, and during the testnet phase, Vault also utilizes algorithms to provide liquidity for Passage purchases. In the future, Vault will be available on the mainnet and provide users with passive income possibilities.

These are the steps to explore and start trading with Passage on the testnet. Stay tuned for more updates and exciting developments in the world of Bracket and Passage!